Coinbase Global, Inc. shares plummeted 7.1% in late trading on Friday. The decline came after the company's CEO, Brian Armstrong, helped delay a comprehensive cryptocurrency bill in the U.S. Senate for a week, prompting White House crypto advisor Patrick Witt to voice his disagreement with Armstrong via the social media platform X. Armstrong had previously warned that "no bill is better than a catastrophically bad bill."

Witt posted on the platform, "You may not like every part of the CLARITY Act, but I can guarantee you will like a future Democratic version even less."

With the Coinbase CEO withdrawing support for the latest version of the crypto market structure bill last week, potentially delaying its progress by several more weeks, some industry executives are beginning to question whether the sector's leaders are overexerting their political influence. A rift is widening between executives like Armstrong, who are holding out for the best possible regulatory terms, and those prepared to compromise to secure urgently needed regulatory clarity while the political environment in the U.S. remains favorable.